Insurance

ggray · Post by **ggray** » Mon May 26, 2008 8:28 pm

OK guys, It's come down to insurance time for my 1965 CL77 which, like most of yours, has undergone extensive restoration/refurbishing.

If I could, I'd like to get some input from you on the source and coverage you've selected for your machines.

How did you arrive on a replacement price for insurance coverage?

Did you opt for full coverage?

Also, I'd like to get some comparative yearly costs for your coverage.

Included is a photo of my CL at a recent Car/Truck/Bike show.

Thanks in advance,

Gary

Gun · Post by **Gun** » Tue May 27, 2008 1:32 pm

great thread, I've been meaning to ask this for some time now.
thanks in advance to those who help.

kustommusic · Post by **kustommusic** » Tue May 27, 2008 9:05 pm

ggray, For cars and bikes Iv'e built or restored I use companys that offer "stated value" insurance. In most of the car magazines I get there are companys that advertise specificly for collectors. That might be a way to go for your(great lookin') CL. Kustommusic

ggray · Post by **ggray** » Wed May 28, 2008 7:49 am

Thanks for the kind words Kustommusic,

Yes, I do want stated value coverage. I'm sure a mid 60's bike doesn't show a lot of value to an insurance company unless it is specified by the policy holder.

Thanks for the reply.

Gary

Vince Lupo · Post by **Vince Lupo** » Sun Jun 01, 2008 5:29 pm

I used to use an insurance company that dealt exclusively with classic vehicles, but the problem I had was the mileage restrictions they placed upon the vehicle (I think it was 2000 miles). I switched over to Progressive, and they cover classics and do not have mileage restrictions (if that matters to you at all). As far as 'value' goes, you may need to get a written appraisal from either a licensed appraiser or dealer in classic vehicles. I had my shop do up an appraisal on their letterhead and sent it to Progressive, and they were fine with it. I have full coverage on mine, and Progressive seems to be really reasonable to deal with. The only other thing that might be an issue is if NADA has a book value on the specific model of bike, so if you say that your bike is worth $ 15,000 and the NADA blue book only lists it at $ 6000, I don't know if there would be a problem or not. Perhaps someone else here with more knowledge than I can weigh in on that.....

ggray · Post by **ggray** » Sun Jun 01, 2008 9:04 pm

Thanks for the input Vince.

Still shopping so I'll let all of you know what I find available.

Gary

rgtaylor2 · Post by **rgtaylor2** » Mon Jun 02, 2008 9:46 am

My 65 Dream is not as nice as your CL but as you all know "our babies" tend to become somewhat expensive as we are always trying to improve both looks and mechanical performance.

I wanted to use J.C. Taylor Antique Auto Insurance which is a company I had a 57 Porsche insured with a few years ago, they were inexpensive but to add a bike you had to have an antique car with them also. No car, no insurance.

Allstate where I have three vehicles insured was about $400 a year, and iffy on the old Honda at best.

I insured thru GEICO and they simply had me estimate the replacement value and based on the receipts I keep this is an easy figure to establish.

I am 60 and the annual cost on policy with GEICO for the 65 Dream is $80. I used a $2000 figure for replacement, 100k/300k liability, $25k property damage with a $200 deduct on the comprehensive and $200 for collision.

Do a little research and ask the questions on the front end especially about replacement. Hope this helps.